Hankotrade Review – Should You Use This Forex Broker?

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By Theo Madsen

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Hankotrade Review

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Hankotrade Review

  • Commissions, Fees, & Rates
  • Beginner-Friendly
  • Customer Support
  • Education
  • Pricing
3

Summary

Hankotrade is a forex broker registered in Seychelles. This broker offers ECN trading for a large range of forex pairs, cryptocurrencies, commodities, and indices. Hankotrade features spreads starting at 0.0 pops, high leverage, and access to both Meta Trader 4 and 5. Learn more about this forex broker and find out if it’s the right choice for you by reading our complete Hankotrade review.

Pros

  • Low fees and tight spreads starting from 0 pips
  • Minimum $10 deposit only
  • Access to MT4 and MT5, ensuring good online trading conditions
  • Free demo account and Islamic account available
  • Commission-free trading available
  • MetaTrader trading platform available
  • Good customer service
  • Major currency pairs, minors, exotics, and trading CFDs on multiple other assets are available
  • High trading leverage

Cons

  • Services are not regulated
  • Fewer methods to deposit and withdraw funds (only cryptocurrency funding)
  • Lack of educational resources
  • No proprietary trading platform

Are you looking for a broker that provides you with the services and products you need to generate profit consistently?

The abundance of service providers on the market is like a double-edged sword: on the one hand, you have access to many promotional offers and information; on the other, so many options may overwhelm you, leaving you wondering which one is best for your needs. To help you out, we’ve decided to put together this Hankotrade review.

About Hankotrade

Hankotrade is a brokerage company registered in Seychelles. The company markets its offering as true ECN trading with spreads starting at 0.0 pips, high leverage, and a broad range of forex pairs, cryptocurrencies, commodities, and indices.

Hankotrade Crypto

One feature that sets it apart from most traditional brokers (like Plus500, for instance) is that Hankotrade accepts only crypto deposits and withdrawals. However, the account is denominated in fiat currency (USD, EUR, or CAD). Below, we’ll explore Hankotrade’s features in more detail, including its trading platform, access to the major financial markets, and tools available for trading forex and other assets.

Hankotrade Features

When we think of trading assets, we think of placing orders – buying and selling securities. This process of buying and selling is conducted on a trading platform; consequently, the broker’s trading platforms are a key feature to be considered if you’re looking for the right broker.

Trading Platform

Similar to most offshore brokers, such as EagleFX, Hankotrade provides access to one of the most powerful trading platforms in the world: MetaTrader 4.

MetaTrader4 Demo account

As one of the most popular choices right now, the platform suits the needs of novice, intermediate, and advanced traders alike. If you are not familiar with MetaTrader 4 yet, there’s some good news: the broker supports demo accounts, so you can test a plethora of features and tools, including:

  • Assets from global markets
  • Easy and quick trading
  • Multiple tools for market analysis
  • Many chart types and timeframes
  • Trading signals and expert advisors (for automated trading)
  • Price alert notifications
  • Custom trading tools (the interface is highly customizable)
  • Desktop, web, and apps for mobile devices available for ultimate accessibility
Hankotrade MT4 App

While a basic forex broker like CedarFX may offer access to only MetaTrader 4, there’s some good news for those who’d like to trade CFDs on multiple assets: MetaTrader 5. When creating an account with Hankotrade, you can opt for MT5, based on your needs and investment strategy. While MT4 is a popular choice for forex, MT5 is known for its exceptional trading environment when it comes to CFDs. Some of its main features include:

  • High customizability, just like MT4
  • Up to 21 timeframes to choose from (including 11 different types of minute charts)
  • Dozens of technical indicators, analytical objects, and other tools
  • Apart from the base currencies discussed above, MT5 is also available with a Bitcoin-denominated account
  • Desktop, web, and mobile versions available for ultimate accessibility
Hankotrade MetaTrader5

Tradeable Assets

While this broker lacks the complexity of multi-asset brokers like Plus500, the offering is nothing short of impressive if compared only to other forex offshore brokers. If your strategy is based on trading multiple assets, Hankotrade caters to your needs.

You can buy and sell forex, indices, commodities, and crypto (bitcoin cash and others). However, as with many other online brokers, Hankotrade offers derivatives only – so you don’t own the real assets. Trading CFDs means that you can only speculate whether the price of an asset is to increase or decrease, and benefit from the movement if you’re correct. Intuitively, this results in high risk as you speculate on the underlying assets’ prices.

Hankotrade Major Forex Pairs Spreads
Hankotrade Spot Indices
Hankotrade Commodity Spreads
Hankotrade Crypto Spreads

Payment Methods

Payment methods represent one of the areas that Hankotrade could improve. The broker currently supports only cryptocurrencies.

This could be a serious drawback for investors who prefer traditional methods, such as debit or credit card transfers in fiat currency. Also, when you conduct a crypto transaction, you need to cover the network fees.

Then, your Hankotrade balance is in a fiat currency, not actually crypto (except for accounts on MT5). Fees could easily add up due to these conversions, so traders with a small budget may see this drawback as a serious deterrent.

Regulations and Safety

If you want to choose a regulated broker, you may want to check FP Markets instead. Hankotrade does not provide the benefits of regulatory compliance.

However, there are certain benefits of an unregulated broker, such as higher leverage and better trading conditions than regulated brokers. ItIt’smportant to make sure you understand the risks you bear when trading with an unregulated broker before opening an account.

Education and Research

Unlike other brokers that aim to educate their clients, Hankotrade falls short in this area. There is a brief FAQ section that may answer some of the basic questions, but it would be better if they would provide some more insight into trading, strategies, or how to use different tools and materials.

The only tool is HaHankotrade’sconomic calendar, which makes predictions, shows patterns, and issues alerts. However, this may not help beginner traders who need guidance on trading, while advanced traders that use technical analysis may not have any use for an economic calendar.

Hankotrade Economic Calendar

The only support provided is in the form of a demo account, which can be opened on either one of its trading platforms. This is a great way to practice either as a beginner (and get to know the markets and how trading works) or as a more advanced trader (and test your strategies before risking real cash, polishing your investment style, and improving your risk-adjusted returns).

If you’re looking for a broker with a similar offer, but with a plethora of education and research materials, you may want to check TIOMarkets instead, one of the few offshore brokers that provide a wide range of educational materials.

Extra Tools and Features

Perhaps one of the main extra features of this broker is the promotional offer. Hankotrade matches the amount deposited by the client, which has two main benefits: first, it increases your trading funds, and, secondly, you have the opportunity to leverage your account. The matching bonus can be used as additional margin only (not traded with).

The bonus is available with a minimum deposit of $100 and a maximum deposit of $25,000. Some other features and conditions of the bonus include:

  • Bonus can be withdrawn only if you trade a specific number of lots (bonus sum divided by 2, which results in the number of lots required to withdraw the bonus)
  • If you lose the trading balance, the bonus is automatically removed, so you need to exercise good risk management
  • The maximum leverage allowed is 200x (i.e., for every $1 in your account, you can trade up to $200).
Hankotrade Bonus

Hankotrade further offers a Virtual Private Server (VPS) which guarantees a private, smooth, secure connection. VPS decreases the slippage risk. In case of a power outage in your area, the VPS provides a reliable power supply, so you enjoy a worry-free trading experience at all times.

Hankotrade Pricing

There are three main account types available, all of them boasting tight spreads:

  • STP account, with a minimum deposit of $10 and spreads starting from 0.7 pips. The maximum leverage is 1:500 and the minimum lot size is 0.01.
  • ECN account has a minimum deposit of $100 and spreads starting from 0.0 pips. The commission is $2 per side per $100,000 traded, while the leverage and lot size are the same as the previous option.
  • ECN Plus account has a minimum deposit of $1,000 and has the same features as the ECN account, with the added benefit that the commission is only $1 per side per $100,000 traded.

As mentioned above, Hankotrade offers ECN trading, which means that trades are executed instantly by sending the orders straight to liquidity providers. Also, these are not only retail investor accounts but can be accessed by professionals, too.

For Muslim traders, it’s worth noting that all three retail investor accounts are also available as Islamic accounts with no swap fee (no interest rate). However, an administration fee is deducted if a position is open for 2 days.

Before opening real trading accounts, potential clients have a huge advantage: they can open demo accounts that provide access to the same financial instruments as Hankotrade accounts, but money is virtual, so you won’t lose real cash if the market goes against you.

Hankotrade Customer Service

This broker’s customer support team is available via mail, live chat, and social media. There is no phone number, but most clients will surely be satisfied by the instant chat feature where they can solve their issues with no delay.

Hankotrade Live Chat

If you prefer to talk to someone rather than type, you may want to consider another broker instead, such as EagleFX, which comes with the option to request a callback.

Who Is Hankotrade Best For?

Hankotrade may be best suited for individuals with extensive trading experience and higher budgets. The fees are highly appealing for traders who place significant trades and are very familiar with the trading world.

Novice traders may find Hankotrade not so intuitive. The research and education section is lacking, apart from the economic calendar, while guidance and support are very thin. The broker is unregulated, which means that clients should be aware of the extra risks incurred when signing up with this broker and must practice very good risk management.

How Does Hankotrade Compare?

If your budget allows you to open an ECN or ECN plus account (ideally the latter), you may find that Hankotrade has some of the lower trading fees available on the market. If your budget is lower, you still enjoy commission-free trading and competitive spreads.

This is unlike other brokers. For instance, WeBull allows you to trade stocks and other assets without having a minimum required account balance, while Plus500 is a multi-asset platform that requires only $100 to start trading. Nonetheless, both brokers have higher trading costs (particularly spreads) than Hankotrade, but they are both regulated.

If you are looking for a more diversified offer, FP Markets is perhaps one of the best choices right now. This broker allows you to choose from multiple trading platforms, and trading accounts and is suitable for traders of all skill levels.

FAQ: Hankotrade Review

Does Hankotrade allow forex trading?

Yes, Hankotrade allows forex trading, along with several other assets. However, the broker is a forex and CFD provider, so no real assets are traded (you only speculate on their prices).

Is Hankotrade suitable for both retail and institutional clients?

Yes, Hankotrade provides trading solutions for both types of clients.

Does Hankotrade have a demo account?

Yes, Hankotrade has a demo account, so you can try out all of its features before opening a live account.

Is Hankotrade safe?

Hankotrade is a registered company but doesn’t comply with the strict rules of any government authority. Consequently, traders must be aware of all the additional risks involved when trading with an unregulated broker.

Final Verdict: Is Hankotrade Worth Using?

In this Hankotrade review, we have discovered some unique features and key drawbacks of this forex broker. Overall, the offering seems more suitable for intermediate or advanced traders, particularly due to the cheaper trading costs and the lack of educational resources and research insights.

One of the main drawbacks seems to be the payment methods – while deposits and withdrawals are only in cryptocurrency, the account balance is in fiat currencies. This implies additional exchange risk and transaction fees. The unregulated status seems to be another red flag for some clients searching for conventional, safe forex brokers.

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Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

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